Mumbai: Equity benchmark Sensex rallied 613 points to settle above the 50,000-mark on Tuesday, driven by gains in index-heavyweights HDFC Bank, Reliance Industries and Bajaj Finance amid a positive trend in global markets.
At the closing bell, the 30-share BSE index was quoted 612.60 points or 1.24 per cent higher at 50,193.33.
Similarly, the broader NSE Nifty went past the psychological 15,000-level, and closed 184.95 points or 1.24 per cent higher at 15,108.10.
M&M was the top gainer in the Sensex pack, rallying nearly 6 per cent, followed by Bajaj Auto, Titan, Bajaj Finance, HDFC Bank and PowerGrid.
Bharti Airtel, ITC, Dr Reddy's and SBI were the laggards.
"Domestic equities extended gains as early sign of decline in COVID-19 daily caseload and improving prospects of faster economic recovery emboldened investors," said Binod Modi, Head Strategy at Reliance Securities.
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Strong cues from Asian markets also supported the rally, he added.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.
Stock exchanges in Europe were also trading with gains in mid-session deals.
Meanwhile, international oil benchmark Brent crude was trading 0.82 per cent higher at USD 70.03 per barrel.
Gold Gains Rs 333; Silver Rallies Rs 2,021
Gold in the national capital on Tuesday rose by Rs 333 to Rs 47,833 per 10 gram in line with a rally in the global precious metal, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 47,500 per 10 gram.
Silver also witnessed increased demand as it jumped Rs 2,021 to Rs 73,122 per kilogram from Rs 71,101 per kilogram in the previous trade.
In the international market, gold was trading in the green at USD 1,869 per ounce, while silver was trading flat at USD 28.48 per ounce.
"Gold prices were supported by weaker dollar," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.
Navneet Damani, VP Commodities Research, Motilal Oswal Financial Services said,
"Gold continued to inch higher breaching the 1,850 level, rising to their highest in more than three months as a weaker US dollar and growing inflationary pressure lifted bullion's appeal."
Indian Rupee Gains For 3rd Straight Session; Rises 17 Paise To 73.05 Against USD
The rupee strengthened for the third straight session on Tuesday and closed 17 paise higher at 73.05 (provisional) against the US dollar tracking positive domestic equities and weakening of the American currency in the overseas market.
At the interbank forex market, the rupee opened at 73.18 and hit an intra-day high of 72.95 and a low of 73.18 during the session.
The local unit finally settled at 73.05, registering a gain of 17 paise over its previous close. On Monday, the rupee had closed at 73.22 against the US dollar.
The domestic unit has appreciated 37 paise in the last three trading sessions.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.40 per cent to 89.80.
On the domestic equity market front, the BSE Sensex ended 612.60 points or 1.24 per cent higher at 50,193.33, while the broader NSE Nifty advanced 184.95 points or 1.24 per cent to 15,108.10.
Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 2,255.84 crore, as per exchange data.
Brent crude futures, the global oil benchmark, rose 0.86 per cent to USD 70.06 per barrel.
Meanwhile, India's COVID-19 death toll climbed to 2,78,719 with a record 4,329 fresh fatalities, while the single day rise in coronavirus cases stood at 2.63 lakh, the lowest in 28 days, according to the Union Health Ministry data updated on Tuesday.